Relevant Tax Laws for NDIS Providers
Goods and Services Tax (GST)
Most NDIS services are GST-free. However, certain services provided by NDIS providers may be taxable, and it is essential to correctly identify these services to avoid any compliance issues. At JC Accountant, we can help you navigate the complexities of GST registration, reporting, and ensure that all taxable services are accounted for accurately. For more information on the GST-free status of NDIS services, visit the ATO’s official page on GST for NDIS providers.
Income Tax
The income earned by NDIS providers is subject to income tax, and the reporting obligations vary depending on the business structure you choose (sole trader, partnership, company, etc.). It’s important to accurately report all income and manage deductions appropriately for your specific structure. JC Accountant can help you navigate these obligations, ensuring that you’re complying with ATO requirements while optimising your tax position.
Pay As You Go (PAYG) Withholding
As an NDIS provider, you are required to withhold tax from employee wages and remit it to the ATO through PAYG withholding. This obligation ensures that employees’ taxes are deducted at the appropriate rate. At JC Accountant, we assist in ensuring PAYG withholding is handled correctly to avoid penalties. For a comprehensive guide on PAYG withholding, refer to the ATO’s PAYG page.
Superannuation Guarantee (SG)
As an employer, you must contribute 11% of your employees’ ordinary time earnings into their superannuation funds. This applies to most employees working in the NDIS sector. It’s crucial to stay on top of your Superannuation Guarantee (SG) obligations to avoid any penalties. We can guide you in meeting these obligations and ensuring timely contributions. For more details on SG requirements, visit the ATO’s superannuation page.
Fringe Benefits Tax (FBT)
If you provide benefits like work vehicles or other non-cash perks to your employees, Fringe Benefits Tax (FBT) may apply. For example, a work vehicle provided to an employee for personal use could attract FBT, which needs to be reported to the ATO. At JC Accountant, we can help you determine which benefits are subject to FBT and how to properly report them.
Record Keeping and Reporting
As an NDIS provider, keeping detailed records of services provided, clients, and financial transactions is essential for both compliance and efficient tax reporting. Proper record-keeping will also support your claim for various deductions. JC Accountant can assist you in setting up a system that meets the ATO’s requirements and ensures that your business is running smoothly.
Common Deductions
Staff Wages and Salaries
Wages paid to employees, including superannuation and WorkCover costs, are generally deductible for NDIS providers. These expenses are essential to your operations and can be claimed to reduce your taxable income. We’ll assist you in managing your payroll records and ensuring that you claim all eligible deductions.
Office and Operational Expenses
Expenses related to running your office, such as rent, utilities, and office supplies, are deductible for NDIS providers. These essential operational costs can be claimed to help reduce your business’s taxable income. JC Accountant can help you track these expenses and ensure you’re claiming the appropriate deductions.
Vehicle Expenses
If you use a vehicle for client-related travel, you can claim deductions for fuel, maintenance, registration, and other vehicle-related costs. The amount you can claim depends on the percentage of business use. At JC Accountant, we’ll help you keep accurate records of your vehicle expenses and claim the appropriate deductions.
Training and Development
Expenses for training staff in NDIS-specific services are deductible. This includes courses and workshops designed to enhance your staff’s skills and compliance with NDIS standards. At JC Accountant, we’ll help you manage your training-related deductions efficiently.
Marketing and Advertising
Costs associated with promoting your NDIS services, such as developing websites, running advertisements, and other promotional materials, are generally deductible. JC Accountant can help you ensure that all marketing expenses are appropriately tracked and claimed for tax purposes.
Professional Fees
Accounting and legal services related to your business are deductible, including costs associated with setting up your business, preparing tax returns, and ensuring compliance with NDIS regulations. At JC Accountant, we can help you track these expenses and ensure you’re maximising your deductions.
Why Should You Choose Us For Your Accounting Needs?
When you choose JC. Accountant, you receive all the benefits of working with a boutique accounting practice in Brisbane. We’re able to give you the dedicated focus you need to feel secure and confident in your tax, rental property income, capital gains tax reporting and tax planning needs and requirements.Your accountant will be a seasoned professional, giving you their expertise and professionalism in all things accounting. Plus, as a boutique accounting firm, we offer same-day replies and prompt service, so you can get your tax needs handled as swiftly and efficiently as possible to meet your taxation goals.
Personalised to You
We believe in a tailored approach to every client. By understanding your unique financial situation, we provide customised strategies that align with your goals, ensuring you receive the attention and care you deserve.
Timely Service
In accounting, timing is everything. We prioritise prompt, efficient service so you never miss a critical deadline. From tax submissions to financial advice, we’re here when you need us most.
Experienced Staff
With years of experience across various financial disciplines, our team brings a wealth of knowledge to your accounting needs. Trust in our expertise to handle even the most complex financial scenarios with confidence.
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While your individual accounting feels like it should be easy, it’s often not. Contacting our team at JC. Accountant Brisbane will help you think and act strategically when it comes to your individual tax returns, capital gains tax, rental property income and tax planning.
Our job is to help you not only prepare and lodge returns, but also help you optimise your tax strategies, manage your finances more efficiently and to avoid common mistakes. With our help, managing your accounts and tax can be more beneficial and simpler than ever before.
We offer free 15-minute consultations to help you know for sure that we’re the accountants for you. Give us a call or book your personalised consultation online today to get started on a smarter, easier financial future with JC. Accountant.
